BioNTech stock surges toward 3-month high after report China agrees to approve its COVID vaccine for foreigners

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Shares of Germany-based BioNTech SE BNTX, +6.24% surged 5.1% toward a three-month high in premarket trading Friday, after The Wall Street Journal reported that China agreed to approve the biotechnology company’s COVID-19 vaccines for foreign residents in China. Pfizer Inc.’s stock PFE, +1.40% climbed 1.5% ahead of the open, as BioNTech had partnered with the U.S. drug giant to develop COVID-19 vaccines. China’s agreement was announced by German Chancellor Olaf Scholz in a news conference in Beijing, after he met with Chinese leader Xi Jinping, the WSJ report said. The report comes as Bloomberg reported that China was looking at easing COVID travel restrictions. BioNTech shares have tumbled 19.5% over the past three months through Thursday and Pfizer’s stock has lost 6.6%, while the S&P 500 SPX, +1.36% has shed 10.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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